What to do when the Aussie dollar is high
So the Aussie dollar has spiked - what do you do now (other than snap up everything on your Amazon wishlist)?
When the AUD is high it’s a great time to make any International Money Transfers you may need to take care of, whether you’re purchasing stock for your business, sending money to a loved-one living overseas, planning an extended overseas holiday or relocating for good.
There are three top ways to set up your international money transfer to get the most bang for your buck:
Option #1 - A spot deal. As the name suggests, this is when you set up your transfer and lock in an exchange rate on the spot. So if you’re quick off the mark, you can bag a great exchange rate as soon as it comes up, and complete your transfer within 24 hours to keep it.
Option #2 - A forward contract. If the AUD rises, but you don’t need to make an international money transfer just yet, a forward contract allows you to lock in a great exchange rate for a future transfer, usually 3 months to a year in advance.
Option #3 - A limit order. Ok, so a limit order won’t help if the Dollar has already spiked. But it can help you take advantage of the next time a bumper exchange rate crops up! You can nominate the exchange rate you’d like for a future transfer, and the money is sent only once your chosen rate is available.
To get all this done, you’ll need to have an account with either a bank or a specialist International Money Transfer provider. But which to choose? Generally speaking, specialist IMT providers offer a better deal, with lower fees and a more competitive exchange rate.
Our Editors have picked out a few of their favourite IMT providers to help you find the right option for you:
TorFX has been beating the banks at the IMT game for more than a decade now, and is a Mozo Experts Choice Award winner two years running.Need to know details:
- Minimum transfer is $200
- No fees to sign up or make transfers
- Transfers usually take between 24-48 hours for most currencies
- Spot deals only - so get in quick!
Founded in 1998, OFX transfers money to over 197 countries around the world, in nearly 50 currencies.
Need to know details:
- Minimum transfer is $250
- Transfers over $10,000 are free (under $10,000 attract a flat $15 fee)
- Same day transfers are available to the USA and UK. Most other transfers take 1-2 days.
- Offers spot contracts, forwards contracts and limit orders
Another Mozo Experts Choice Winner, World First transfers just about any currency you can think of.
Need to know details:
- Minimum transfer is $2,000
- Transfers over $10,000 are free (under $10,000 come with a flat $10 fee)
- Transfers usually take 1-2 days to go through
- Offers spot deals and forward contracts
Want more handy IMT tips? Head over to our International Money Transfer section to learn more.